The FOMC resumed its meeting today and will announce its policy decision at 18:00 GMT. That will be followed shortly by Chair Powell’s opening remarks and then the press conference at 18:30 GMT. A 75 bp hike to a 3.875% mid-point remains baked in the cake and Powell will indicate whether further increases are still needed. The big uncertainties are the trajectory of rate hikes from here, as well as the terminal rate. It would make sense for the FOMC and Chair Powell to play it close to the vest and say little and not paint himself into a corner and prevent market whipsaws, and a potential loss of credibility. Time will tell.
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Stuart Cowell
Head Market Analyst
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